Student loans – the next debt bomb?

Filing bankruptcy helps to wipe out or alleviate many financial burdens, with a glaring exception – student loans. Most student loans cannot be discharged in bankruptcy, and there are few or no options for distressed borrowers. Unfortunately, the combination of rising cost of education and worsening job prospects is a heavy burden for students and parents who co-signed student loans. According to the report by NACBA, National Association of Consumer Bankruptcy Attorneys, student loan debt now tops U.S. credit card debt and may be the next major economic threat, on par with the home mortgage crisis. For more details, see